JEF - Jefferies Group

[benhacker]

The comp plan here is bad, totally agree.

[mcliu]

Any chance comp plan gets voted down? 


https://www.businesswire.com/news/home/20180522005683/en/
Leucadia Has Repurchased 20 Million Shares of Common Stock Since April 10, 2018

[LowIQinvestor]

Leucadia Has Repurchased 20 Million Shares of Common Stock Since April 10, 2018
https://www.businesswire.com/news/home/20180522005683/en/Leucadia-Repurchased-20-Million-Shares-Common-Stock#.WwRAov7K-NQ.twitter

[scorpioncapital]

So by this buyback move they have instantly achieved their 8% earnings per share growth target - or at least part of it? Perhaps they were thinking the easiest way to get the comp payout

[benhacker]

So by this buyback move they have instantly achieved their 8% earnings per share growth target - or at least part of it? Perhaps they were thinking the easiest way to get the comp payout

Half of the 8% target is based on growth in TBV / share... not earnings.  The other half is shareholder (total) return.

I think buybacks will help both, but not for the reason you imply.

[arcticfox]

Is anyone headed to the annual meeting tomorrow. If so any thoughts or notes would be greatly appreciated. I listen to the investor day call every October and and have shared some notes. Happy to share those.

I was pleased to see that they bought back some stock. I have been a longtime holder. Paid in the $25 range years back and added between $16-19 in 2016. I have always thought that once they demonstrated book value growth again that the stock would revalue towards book. Not yet. Also slightly disappointed to see they announced the transactions and bought back $500mm of stock in a month yet it's still down 10 percent ytd and lagging most peers.

This stock puzzles me. They are not that bad.

[Spekulatius]

Is anyone headed to the annual meeting tomorrow. If so any thoughts or notes would be greatly appreciated. I listen to the investor day call every October and and have shared some notes. Happy to share those.

I was pleased to see that they bought back some stock. I have been a longtime holder. Paid in the $25 range years back and added between $16-19 in 2016. I have always thought that once they demonstrated book value growth again that the stock would revalue towards book. Not yet. Also slightly disappointed to see they announced the transactions and bought back $500mm of stock in a month yet it's still down 10 percent ytd and lagging most peers.

This stock puzzles me. They are not that bad.

I said this before, but GS even at current prices is still a better deal. Pay up 1.25x book for a first rate investment bank, rather than 1x tangible book for a 2nd grade one. Profitability and even OE are lower for GS too.

[scorpioncapital]

Some insurance companies sometimes trade below book and are a pile of bonds. I think the book Davis Dynasty describes how the guy got very wealthy just buying and selling insurance companies based on valuation.

[Spekulatius]

Some insurance companies sometimes trade below book and are a pile of bonds. I think the book Davis Dynasty describes how the guy got very wealthy just buying and selling insurance companies based on valuation.

I have generally done well selling decent insurance companies below tangible book. Currently there isn’t much available, but there have been times, when you could buy decent insurance companies for 0.8x book.

[LowIQinvestor]

Leucadia National Corporation Changes Name to Jefferies Financial Group Inc.
Jefferies Financial Group Inc. Announces Quarterly Dividend
https://www.businesswire.com/news/home/20180523006298/en/